In the past 24 hours, Fantom (FTM) has demonstrated an impressive performance, endeavoring to surpass a vital horizontal level. Some analysts are optimistic, predicting a staggering 345% increase before the year’s end, provided the cryptocurrency reclaims key levels before achieving a new all-time high (ATH).
Fantom Breaks Out Of Downtrend
As the week concluded, Fantom’s price saw an 8.2% rise, approaching a pivotal resistance level that hadn’t been reached in four months. This surge brought FTM close to the $0.8 mark for the second time in a week, sparking a wave of bullish sentiment among investors.
Over the last three months, FTM has experienced a 46.6% increase, recovering from the market downturns in Q3 and challenging the price action seen in June. The horizontal resistance from June marks a critical level for this cryptocurrency, as it served as a robust support zone during the first two quarters of the year.
Despite facing a 7-month downtrend since its annual high of $0.97, FTM is currently positioned 23% below that mark. Market analyst AMCrypto has indicated that this downtrend may now be concluding. The token has breached the trendline by surging past the $0.74 resistance level, subsequently testing it as support throughout the previous week. The analyst also pointed out the resemblances between FTM’s current chart and its pattern prior to the Q1 rally.
Historically, Fantom has risen to the upper limit of its accumulation zone twice before retracting and heading towards its yearly peak. According to AMCrypto, FTM might undergo a final correction to the $0.70-$0.72 range before potentially rallying 35% to reach “$1 and above.”
Market Insights and Predictions
In a similar vein, crypto investor Rager has commented on the strength of FTM’s chart, likening its potential growth to the “Solana 2023 pump.” He suggests that FTM might catch up with major blockchain networks over the next three months.
FTM’s Price Targets $3
Analyst Altcoin Sherpa has shared insights into the token’s future trajectory, asserting that Fantom will likely “grind higher” if Bitcoin’s price maintains stability. FTM’s price has been influenced by Bitcoin’s movements, often losing support when the flagship cryptocurrency experiences a downturn. Nonetheless, Fantom has successfully held above the recently reclaimed $0.74 level, even as Bitcoin dropped 2.2% to the $67,000 support zone on Monday morning.
To sustain and build on its bullish momentum, FTM must regain the $0.75 mark and reclaim the $0.8 resistance level. Converting this resistance into a support level could potentially set the stage for a surge beyond $3.
Upcoming Token Migration and Market Expectations
Meanwhile, other market analysts anticipate that FTM will reach a new ATH before its upcoming token migration. According to reports, Fantom is preparing to transition to the Sonic Network between November and December of this year.
This transition involves migrating FTM to Sonic’s native token, S, with a 1:1 conversion ratio for FTM holders. The new cryptocurrency will maintain a 3.175 billion token supply, similar to Fantom, but will mint an additional 190.5 million tokens, accounting for 6% of the supply, six months post-launch.
At the time of writing, Fantom is trading at $0.746, marking a 0.4% increase on the daily timeframe. With market dynamics in flux, investors and analysts alike are keeping a close watch on FTM’s movements as it navigates toward potential new heights.
